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morning. i'm mark haines. >> i'm erin burnett. front and center, benjamin s. bernanke. >> yes. >> will be testifying in front of the house financial services committee about the economy and anything else they want to talk about. that'll be live in an hour. >> how about the exit strategy? imagine there will be some questions about that. the sec meets on possibly curbing short sales. huge issue for the market. full details coming up. >> and president obama meeting with key business leaders. it's all happening during this show. we've got a lot of breaking news, big headlines for you. we will be all over it, mark. how are your futures? >> not too good. >> no. >> up 0.70. we get a little break here because we closed a point above fair value. but, you know, looking at maybe 15, 20 points on the dow at the open. let's hit the markets. peel back the layers of the onion starting with brian shactman at the big board. >> thank you. listen, asia and europe were pretty mixed. germany, their economy in an absolute standstill. doint need to go over bernanke and all things going on in d.c. wi
. >> but they will be -- >> who will they be? >> ben bernanke. >> okay. senate banking committee. president holds a key health care meeting. that's why we have the white house. what else? >> snow in the northeast. it started as rain this morning for many this morning who are watching but it has turned into thick -- >> wet, heavy. >> idyllic if you're looking to -- >> don't shovel this stuff. >> well, good morning, everyone. it's good to be with you. we're here, glad you're here. i'm erin burnett. >> i'm mark haines. >> it says i'm market haines. i want everyone to know it's funny. >> yes, i noticed that. also front and center the number of u.s. workers filing initial claims for unemployment benefits rose unexpectedly last week. >> coca-cola striking a deal to buy the north american operations of its largest bottler. you just saw the ceo there. >> heinz posted $231 million profit. a lot of ketchup. >> futures are sad. >> not good. >> part of the reason for the sadness was an unexpected jump in unemployment claims. >> hum. >> much bigger jump than anticipated. a lot of people are looking through it and saying i
to entertain you. call me. the most dramatic piece of news today did not come from ben bernanke's grilling in front of the house of representatives. bernanke floated like a butterfly. didn't bother to sting at all. it wasn't the skewering of toyota by congress for which the takeaway is quite obvious. keep buys ford and ford preferred. no, none of that. the most sit-up and take notice piece of news today came from dollar tree. which skyrocketed six points, up more than 14% on a day when the dow gained only, well, like 92 points. s&p up a percent. why do we care about a dollar score more than the fed chairman or a huge automaker? first, in full disclosure, my good and plenties of toiletries at my local store did not skew the numbers higher. although it didn't subtract from the company's astounds 32% increase in earnings. no. what this number says and what the stox said in reaction to it along with the store's radically high guidance from 2010, is that the consumer, the consumer is bummed and the consumer is stretched. >> the house of pain. >> i tell you, you don't go to dollar tree to feel g
on a bailout for the debt-strapped country. >>> on exit strategy, ben bernanke unveiling his plan for the fed's next move. and the house of mouse, disney posting strong quarterly results and investors are responding. a cnbc exclusive with ceo bob ieger, "squawk box" begins right now. >> good morning, everybody. welcome to "squawk box" here on cnbc. i'm becky quick. joe and carl are out today. steve liesman is spending the week on set with me and this morning we are joined by "fortune" magazine editor andy soerwer. >> good to be here. >> meantime, wall street is bracing for a winter storm this morning as the second snowstorm in a week descend eds on new york. washington, philadelphia, they are expected to be hit and hit hard. the federal government in washington is closed for a third straight day at an estimated cost of $100 million in lust productivity. government offices in boston, baltimore and philadelphia all announcing that they will be closed. congress, by the way, is canceling votes and rescheduling hearings. the united nations headquarters in new york city shutting down schools all th
, a guy who's equivalent of ben bernanke he hurried back. the moment he booked that ticket the hedge funds figured he was going to solve the crisis and that's when they started rallying. y yun -- can you believe it? you just need to find out who his travel agent is and book your trade accordingly. if we knew he's on the case, we're less concerned about a collapse in europe and we recognize that he isn't about to cut off the stimulus that's so crucial to getting europe which has the worst economies in the world going in the right direction. if the stock market stimulus thing is still with us, then we're not going to slink back into a worldwide slowdown. trichet's travel interruption was so powerful it was able to do something i have not seen happen since the year began, maybe even earlier, and that is the stock market did not go down when the baron chief president obama spoke on tv. way to go, trichet. now, i know about zorba the greek than greek bonds. i get the gist of trichet's move -- memo to trichet on his travel plans, make sure they're never on a sunday because the markets aren't ope
killian reporting from washington. >> testimony from said she's been bernanke kept stocks in the green yesterday -- fed chairman ben bernanke. >> good morning. ben bernanke testifies on capitol hill again this morning. today he goes before the senate banking committee. yesterday he told the house financial services committee that the economy is only at the beginning of the recovery. he says this requires the federal reserve to keep interest rates low to encourage demand by consumers and businesses. investors holding the global retreat and investors shrugged off distressing news from the housing market. sales of new homes plummeted last month to the lowest level on record. this is where we ended up. the three major u.s. indexes rose 1% yesterday. black and decker and t. rowe price and the bloomber -- led the bloomberg maryland index higher. costar says it will make more money this year than analysts predicted. toyota is not the only auto maker capturing the attention of wall street. general motors is going to shut down hummer. china said it would have flown in the face of the country's
. >> fed chairman ben bernanke is not offering any clues as to when interest rates may increase. in his semiannual report to congress, he said record low interest rates are needed each ease the nation's >> obviously a deployment is the biggest problem we have. we need to find ways to address that issue. >>, has begun addressing the unemployment issue. today the senate passed a tax bill centered on tax breaks for businesses who are unemployed workers. the bill is now headed back to the house. the plan intended to fix the pension problem for the city's police officers and fire fighters require something from all parties involved, retirees, active employees, and the taxpayer. jayne miller is live in the newsroom with details. >> under these recommendations, police and firefighters might have to work longer to get benefits, and the city might have to be used to a bigger budget line item to keep the plan afloat. the recommendations released today are intended to ensure city police and firefighters get a secure retirement without breaking the bank. that is not the courts now. >> the system is
tonight. thank you. the federal reserve chairman ben bernanke laid out the blueprint for the fed's plan to recoup all the money it loaned out in the great recession and in turn winding down the stimulus program. bernanke issued a statement saying the fed will try to raise the interest rate it pays banks to keep money in the u.s. central bank. analysts say that way banks would be less inclined to put money on risky investments. but they also say that could hurt consumers because those banks would have more incentive to sit on their money and earn interest rather than lend it out to you and me. but, bernanke says the plan will not be implemented until the economy is on a firmer footing. on wall street, the stock market managed to steady itself before the closing bell today. after hearing bernanke's plans concerning the central bank, stocks suffered sharp early losses before reversing course later in the day. the market ended up just about where it started. the dow dropped 20 to close a little bit above the 10,000 mark. the nasdaq down 3. the s&p off 2. while the fed works on the financial
a big eye there. let's get a check on wall street where fed chairman ben bernanke is making investments nervous. sfoks are down after bernanke outlined the ways fed can pull back on the $1 trillion being used to prop up the economy. today's house financial services commity hearing was postponed because of the snow in d.c. the fed decided to release bernanke's prepared remarks anyway. so we are going the keep our eye on how the markets respond there throughout the day. you can see as we stand still above the 10,000 mark but down 37 points on the day. stocks are low on fears any move by the fed to pull out money from the financial system could hurt the recovery. >>> the sex scandal surrounding john edwards is back in the news. today's the deadline for former aide to turn over an alleged sex tape. senior investigative correspondent lisa myers joins me now. has he done it yet? is the plan that he will turn it over during a court hearing? >> well, as of a couple of hours ago the tape was in the sheriff's office in north carolina. and was going to be delivered to the court around 2:00 today w
. there was disappointment about the economic recovery over all. ben bernanke described how the fed might increase its discount rate on what it charges bank loans. he did not say when this might happen, but the fact he said it at all was enough to shift the market's a little. and a red flag for the real- estate markets, commercial real- estate loans have the potential to go sour and iraqiya economy unless regulators prepare now for that. help could be away for distressed homeowners because they're starting a program that will allow borrowers to avoid immediate foreclosure and they can remain in their homes six months but they do have to agree to turn over the property deed at the end of that six months. president obama says that his administration is trying to beat it business friendly. that will appear in "bloomberg business week" tomorrow. i'm jane king it. back to you. >> see you back at 6:15. >> it's 29 degrees on tv hill. coming up, look at the morning commute with the traffic and weather together. >> i'm brooke hart in washington. if the blizzard is gone, but the snow drifts remain. after the cl
've got chairman bernanke before the committee i serve on up here. so i may be listening to the chairman bernanke but i'll tune in. >> greta: maybe tivo. thank you senator. tonight's run-down is jam-packed. in two minutes a congressman who called the summit a sham-wow infomercial. what does that mean? he's going to tell you. >> we never thought we would be saying this, but rush limbaugh got spanked live on his radio show. it is who spanked rush that will stun you maybe the most. it is weird. we have that tape coming up, back in two. for every investor. fidelity introduces one new low price. $7.95 for every online equity trade. you want more? now trade ishares etfs online for free. 25 leading choices. all commission-free. $7.95 trades and commission-free etfs. expect more and get it. only with fidelity. open an account today at fidelity.com. please carefully consider the etfs' investment objectives, risks, charges, and expenses before investing. contact fidelity for a prospectus containing this information. read it carefully. ♪ could open a ♪ whworld of wonder? ♪op... ♪ so sensory
that was reiterated by ben bernanke on capitol hill, people started buying stocks. our futures are down right now so this roller coaster ride looks like it will continue today. >> i'm assure you were watching prosecute akio toyoda testified before lawmaker on capitol hill. what did you make of tat testimony and his appearance there. >> i thought he was very sincere. i thought that he was very good to speak in english and not do the ## (voice of translator): later as best he could. i thought congress was very easy on him compared to the way they treated tim geithner and ben bernanke and some others here over the last few months. but by and large, i think the meat and potatoes was the day before. i think that was when we really got to the crux of the matter what we needed to do and what congress needed to do as a governing body in relation to the situation. i think yes, there was more of an opportunity for the president to speak to the american people, the president of toyota, that is, and he did that. >> thank you, chris. we'll see you tomorrow. and here at hem, just what you thought it was safe tou
news from ben bernanke, who gave testimony to nobody because of the snow. testimony which said he isn't going to tighten until the economy gets better, bizarrely. those comments initially send the market down hard. it made me think, what does the market say, what is wall street saying to him. they wanted to say, i'm going to plug the market with money even if things get good. would they have preferred them to tell us all is well, and i'm tightening right now? thankfully bernanke continues to do the right thing. i'm calling him the grown-up in chief. finally, i think we're going to see a real stimulus package coming out of congress. a bipartisan effort that will produce real jobs that use real equipment and fix real infrastructure. are you listening my friend? that's big news. it signals that the administration may be able to walk, chew gum and botch health care reform all at the same time. the bottom line, we slip through obama and china today. maybe this is the beginning of something big that will permanently sideline our two least favorite sea monsters. or maybe it's just a breather
. people like alan greenspan and ben bernanke gave us the largest downturn since the great depression. that is why we have a huge budget deficit. we didn't have a huge tax cuts. we had stimulus and response to the downturn. we have higher unemployment if we have not had that but let's be clear if we are upset about the deficit greenspan and bernanke, i don't know why we reappointed bernanke. in terms of the entitlement programs, yeah we have a public pension program, which is hugely popular. you look at polling day that-- i was at a conference this morning in social security is over 90%. they ask people would you be willing to pay higher taxes to sustain sosa security benefits and 70 to 80% said yes. i don't see any problem with running a pension program through the public sector. what is the problem with the? it is usually popular. health care costs, medicare again. we are providing medicare health care benefits for seniors. that is also hugely popular. you have these tea party people out there yelling don't let the government touch medicare. they are anti-government but they want me
efforts by raising interest rates. chairman ben bernanke outlined the effort in written testimony for a congressional committee. bernanke said the economy still needs an easy money policy for now, but he added: "at some point the federal reserve will need to tighten financial conditions." the talk of higher rates kept wall street at bay. the dow jones industrial average lost 20 points to close at 10,038. the nasdaq fell three points to close below 2,148. thousands of workers in greece staged a national strike today, protesting a government plan to freeze salaries and cut bonuses. the 24-hour strike closed schools, and brought air travel to a halt. we have a report from john sparks of independent television news. >> reporter: it's easy to say, the 24-hour strike closed greece filed a test case for other indebted states. its huge socialist government plans been cuts. for many here on the streets of athens today it is not acceptable. "the capitalist government has declared war on the working classes. we will respond with war-like measures," said this mp. the government wants to raise
assurances by the federal bank. ben bernanke offered an up beat report on the nation's recovery yesterday. he told congress interest rates will remain low to encourage borrow ing. the dow rose 91 points after dropping more than 100 the day before. >> we have no idea which way the economy is going. bernanke has no idea which way the economy is going. >>> officials in florida are collecting eyewitness accounts in yesterday's deadly attack at seaworld, orlando, where an experienced trainer was killed by a 12,000-pound whale. the 40-year-old victim was snatched from the platform as the audience looked on in horror. witnesses say the killer whale thrashed her back and forth and dragged her under water. it's the third time this killer whale has been involved in a human death. >> the third time. a killer whale kills three times. the officials say they're not going to put the whale down wha killer whales do. >>> time to go to willie geist looking at what's going on in vancouver. willie? >> reporter: that's a terrible story, mika. let's move on to the olympics here. the hockey was the big story yester
. federal reserve chairman ben bernanke says the fed will likely begin tightening credit by raising the interest rate it pays to banks on money they have deposited at the central bank. that would lead to higher interest rates for consumers and businesses eventually. wall street did not like that news. the dow lost 20.26. the s&p 500 gave back 2.3. and the nasdaq dropped 3 points. there are calls for the head of the president's top counter terrorism advisor in the wake of the christmas day bombing plot. we will get some thoughts on all of the back and forth from the fox all stars after the break. all across america there are health mart towns, with health mart pharmacies that are locally owned, with pharmacists who are part of their communities. providing a unique combination of clinical expertise and personal attention. no wonder health mart has been ranked highest in customer satisfaction by jd power and associates. see if you live in a health mart town at healthmart.com we created our college of business and management... after collaborating with business leaders. we wanted our cu
reserve chairman ben bernanke. he will never be testifying today. this office will release is written testimony. that hearing has done been rescheduled debt. the treasury secretary has also been postponed. he was scheduled to testify on the fiscal year 2011 budget for the obama administration. a huge rebound yesterday as the european union will bail out of greece. one company rose over 6%. this is bloomberg news reporter for wbal tv. >> another check on weather and traffic straight ahead. >> we are still taking your answers to our watercooler question of the day. how do you plan on riding out the latest round of winter weather? email us your response to watercooler@wbaltv.com. >> here are the numbers from la. numbers from la. 15% or more on car insurance? host: did the waltons take way too long to say goodnight? mom: g'night john boy. g'night mary ellen. mary ellen: g'night mama. g'night erin. elizabeth: g'night john boy. jim bob: g'night grandpa. elizabeth: g'night ben. jim bob:'night. elizabeth: g'night jim bob. jim bob: g'night everybody, grandpa: g'night everybody. jim bob: g'nigh
obstacles to a strong, sustained economic recovery. >>> fed chairman ben bernanke was back on for day 2 of the state economy. he reaffirmed the fed's plan to help keep the interest rates low. >>> the european interest said that the 16 countries that use euro fell this month. concern will spread to other european countries. also put pressure on stocks globally. and another impact on auto recall. the owner of chrysler is asking more than 365,000 of its minivans to take them to dealers to replace crash sensors that help them control the air bag. chrysler warns the sensors can fail in 2005 and 2006 models. for more, you can head to cbs money watch.com. in new york, i'm alexis christoforous. >>> from storage to centerpiece. a dutch museum finds a masterpiece hidden away. >> they have just discovered that this paint suggest an authentic work of van gogh. it was an anonymous work of art. no one knew this van gogh painting existed as it was never referenced in any of the famous painter's letters. >> where is that van gogh that i had that i couldn't find. i need to call them about it. >> hi, thi
bernanke back for round two, and stephanie elam back. another rally today? >> sorry, kyra, i don't think we will get a repeat one. >> that was a sarcastic, laugh. hell no, kyra. >> yeah, pretty much. we will not see the same picture. but bernanke will deliver the same testimony today but this time before the senate banking committee. yesterday, investors were happy to hear they were going to keep key interest rates for a while longer. they raised the discount rate on what they charge to banks, and if that happened it could slow the recovery and it's a precarious time for the economy. investors jumped up and cheered ben bernanke after he said he was staying the course. and then the debt problems in greece may be getting worse. as i was saying, we are looking for triple digit losses out the gate. and that's what we have. the dow off 137 points. and so no, as i was saying, no, not another rally, at least not to start. >> gosh, okay. shut me down. thank you, steph. definitive. there we go. let's move on. >>> hummer goes the way of pontiac, and stud baker. the deal to sell the brand to a chinese
for banks in the country. host: ben bernanke referred yesterday to short-term political liability for this. guest: i think he is absolutely correct. people tend, under these kinds of conditions, to one to blame someone. the problem with that is there are plenty of people to blame. we deregulated the industry. the congress deregulated the industry. there was a culture, if you will, of deregulation. and this encouraged some of what i call speculative activities that led to the bubbles and then the collapse. yes, you had this reaction. i think it is an overreaction, and the outcome would be -- as you try to blame someone you get worse outcomes rather than better outcomes, and i think that is what the chairman was trying to communicate. host: does the banking committee and the members, are they right to be angry at the fete at all? guest: if they're going to be angry, i think they have to be angry at everyone, including themselves. they allow these organizations to get bigger and more risk oriented. and yes, and regulatory agencies because of this culture -- the regulatory agencies because of
. there's been a huge decline in our confidence of the future, and ben bernanke has painted a grim picture of the economy for the rest of this year. you put it all together, you have a jobless and very weak economic recovery, bill. bill: here's what you guys talk about on the fox business network, and everybody, they write about it in the "wall street journal," about a double-dip recession. how do we know if that's true, if it's happening, or are the pieces adding up, like the jobs number today and the home sales number you talked about yet thato yesterday that came out for neb? >> we're all looking at future, what's the economy going to look like in six months. it looked like we were progressing nicely through 2010 with a solid rate of growth, now we're negative on how the company will perform in the summer and fall of this year. i don't say we're going to get a double-dip recession but we're not going to get the robust 3 percent and 4 percent growth people hope for. we might go up in the spring and then down a little bit as we get into the summer and fall. not good. bill: stu, thank you,
yesterday. fed chairman ben bernanke testifying again today on the hill. this time the senate banking committee. we got economic numbers today. we start with the good. the durable goods orders rose in nuary thanks in part to aircraft orders. the gain was the biggest since last july. first time claims for unemployment benefits jumped by 22,000 last week. not a number we want to see jump to 496,000. labor department says the weather that shut down government offices, as you well know, may have been partly to blame. if that's the case, we'll see how this week turns out, too. and akio toyoda was choking back tears after receiving standing ovation at a rally with dealers and employees on wednesday. toyoda was grilled by lawmakers for more than three hours. he says toyota's top management will include a nonjapanese person. he is criticized for not having other nationality on the board. he was asked by an assembly line worker when the company can do to restore the public's trust. responding in english, he said, let's make a better car. and general motors will shut down hummer after they a de
and for the communities of america. host: ben bernanke cautioned senators not to curtail the fed's banking oversight, referring to short-term political liability for this. guest: i think he is absolutely correct. people tend, under these kinds of conditions, to want to blame someone. the problem with that is there are plenty of people to blame. we deregulated the industry. congress deregulated the industry. there was a culture, if you will, of deregulation, and this encouraged some speculative activities that led to the bubbles and then the collapse. yes, you have this reaction. i think it is an overreaction. i think the outcome would be -- as you try to blame someone, you get worse outcomes instead of better outcomes. i think that is what the chairman was communicating. it is certainly my message. host: senate banking committee -- are the right to be angry at the fed at all? guest: if they are going to be angry, they have to be angry at everyone, including themselves. they asked to eliminate glass-segall, which allowed these agencies to get better. the regulation backed off, if you will. in that ki
to be a bit lighter this week. and fed chairman ben bernanke wi head to capitol hill on wednesday to possibly give some clues as to when the fed will raise rates. >>> well, toyota is expected to announce this week a recalllan to fix the brake problems on the latest model of its prius hybrid. reports say the automaker will recall 270,000 priuses in the u.s. and japan and another 30,000 vehicles shipped to about 60 other countries last year. toyota is also looking into two other hybrids, the lexus h-2250 and a model sold in japan that have the same brake system. >>> and john thain has landed a new job. cit has hired the former merrill lynch and new york stock exchange ceo as its new chief executive. he arrived to work bright and early today around 7:30 a.m. the commercial lender is still restructuring its business after a brief stay in bankruptcy protection in december. cit says it hired thain based on his experience turning around the nyse. i wonder if we'll see more of these people pop back into the financial atmosphere. >> something tells me we will. >> have a great day. >> thanks. >>> our t
velshi later today. >> a lot of great stuff. >> ben bernanke will testify on the hill today. >> we'll get his prescription or a forecast on what will happen with the overall economy. a lot of questions. when will this economy be back to normal and what is normal? that means your job, home and bank. let's take a look at where we stand. the national association of business economics predicts job growth is on its way, forecasting 140,000 jobs per month will be added in 2010. in the new normal, no thing is ever as it seems. yesterday we found out mass layoffs rose last month for the first time since august. more than 180,000 folks fell victim to mass layoffs in january. we saw consumer confidence tumble. consumers are still very nervous. how about your house? your biggest asset most likely or what was once your biggest asset. one out of every four mortgages is under water. it means you owe more than the house is worth. foreclosure will continue. speaking of lenders, banks still in trouble. one out of 11 banks is at risk of going under. that's the problem bank lift, 140 banks were shut down la
her terribly. >> some of the stories this morning at 10:00 a.m., ben bernanke is on capitol hill. all ears will listen to his take on job creation. this afternoon, the president will make his case for creating more jobs. it's going to happen at the business round table. >>> this afternoon in vancouver, fresh off the upset of team canada, the u.s. men's hockey team takes on switzerland. >> usa! usa! >> something tells me you are watching. >>> a star sentenced to five years in prison for shooting his limmo driver. it's been years coming. >> eight years in the running. this is a guy who literally had it all at one point. an nba all-star. one of the richest contracts in the league. prosecutors say he was playing with a shotgun, shot his driver, tried to cover it up. yesterday, a new jersey judge sentenced him to five years in prison. afterwards, he said he was sorry. >> i sincerely apologize for my actions that caused his death. i pray that today brings you some comfort. my children, you deserve a better father. son, brothers than i have been. >> he was apologizing to his victims there. h
the federal reserve to take the lead on this. citing mr. bernanke does not want to step up and -- i think mr. bernanke, unfortunately, does not want to step up and take responsibility. i think the administration put a good deal of capital to work to make sure that he stayed on as chairman of the fed. but honestly, it would require presidential leadership at this point. we see encouraging signs, but also discouraging signs. the president said nice things about big bankers and their compensation just last week. you have to ask the white house where we are on this issue. host: simon johnson is the author of an upcoming book, "13 bankers." when will this come out? guest: when wilthe end of march. i do not think this problem is going to go away anytime soon. host: wyoming, republican line. caller: i would just like to say a few things and please do not cut us off because we do not get a chance to get in as many times as the democrats and the independent line. i'm a conservative woman of color. i notice every time on c-span and i get to be disappointed. and i will get to my question. i notice a ta
, and if the government pulls back too fast, if bernanke pulls back too fast or if the executive congressional branches pull back too fast, there is a question whether it would worsen things, i think that's legitimate. what i do believe you can put into place trigger mechanisms on medicare reforms, on medicaid reforms, on social security reforms, so that these things are in law and they're not just sort in imagination. it's hard, as you know, nor invei for investors to have much confidence in the future of the nation's finances when there's nothing and it's just talk and we're just continuing to talk. >> on that very point, there was a new report on rising life expectancy, which is a great thing, a great triumph of human medicine, but, you know, why don't we talk about raising the retirement age for medicare and social security gradually over the next 20, 30 years. it would save a lot of money. >> that's going to be a big discussion that we'll be having on this show very regularly, and we'll call on both of you to do it again, david gergen, cnn analyst, and stephen moore, "wall street journal" writer.
bernanke also kept the market in check. he outlined the plan that the central bank will follow once the economy has recovered. bernanke was scheduled to deliver the testimony in person to a congressional panel, but the wearing was postponed because of, well, the storm. weather permitting, tomorrow we'll get the latest readings on jobless claim ace long with earnings on pepsico and viacom. and did i happen to mention it's snowing here? >> yes. is it making you a little grouchy? >> i'm not grouchy, i'm not going home. that's what's happening. >> hang in there. one year after hayleigh cummings vanished from her home, we hear from her father in jail on drug charges. we're going to talk about that next. >> the nasty winter weather is making roads deadly. earlier we showed you the stretch of interstate 80 in central pennsylvania. we have now learned, at least one person was killed after about 50 vehicles were involved in crashes. this is all in clearville county. another is said to have a serious leg injury because of all of this. no one is really going to go anywhere on the east coast to
in place. we had hank, ben bernanke tim geithner and sheila bair the head of the fdic. i know a lot of people in finance and a lot of people in business and government. and i can't think of for that would have done a better job of getting us through that. now it's kind of fashionable to look back and pick at one aspect or another of what was happening and our country's financial system froze up during that period. some of you in this room were at a party i was at in september of 2008, one to talk was the money market funds saved. if we have 3.5 trillion fun missile by 30 million people who on is and they might are worrying about whether they can get their money that was half of all the process held by u.s. banks at the time you have a panic. you had commercial paper frees up entirely in the biggest companies of the united states and some are described in this book that worried whether they were going to meet their payroll and a short period of time to read the sixth largest bank in the country in terms of the domestic deposits, washington mutual failed over a weekend. you had the th
in three months and just a hair under 100 million. bernanke said yesterday that the job market remains weak even though the economy is recovering. there is some good economic news. everything from washing machines to airplanes jump 3d% in january and the second monthly increase in a row. >>> coca-cola is changing the way it does business. spending more than $12 million to buy the large bottler. from using independent bottlers to controlling the process. pepsi has recently moved in that direction, as well. >>> get this, a relative of burr nad madoff is changing her name. she is married to buernie's son mark. she filed court papers for herself and her two kids to drop the madoff name. she probably doesn't want that out there, robben . >> she just wants to leave the name alone. >> completely. she's still married. it's not that. it's just the name. >>> a teacher danceoff sounded like kind of a fun idea for a pep rally until it became a lap dance dance off. >>> one of the most taulked abot people at the olympics may be heading home. >>> if you're running late, you must not have signed up for my
not remember this because we probably didn't keep track of everything that paulson and bernanke and george bush did, but lehman falls on september 15, then what we have is on september 23 the chairman of the federal reserve and the secretary of treasury come into congress and they testify that they need $700 billion, they've got a 2 1/2-page bill, they don't know what they're going to do with the money, but if you don't give it to them then the world is going to end. now that makes you a little currentble if you're deciding what you're going to do with your investments. not only that, but the next day the president of the united states comes on national television and says the following, speak to the american people, just to get them, you know, calm down a little bit, he says, financial assets related to home mortgages have lost value during the housing decline and the banks holding these assets are are restricted credit. as a result our entire economy is in danger. so i propose that the federal government reduce the risk posed by these troubled assets and supply urgently needed money so banks
's news, chairman of the federal reserve, ben bernanke, says there is a risk for high interest rates and high inflation. borrowing from china and buying huge amounts of oil from opec and we have to realize we have a mess in our hands but there is a solution. we can create jobs and grow our economy without raising taxes. it's a bipartisan american conservation and clean energy independence act, h.r. 2227. this bill uses the trillions of dollars from oil and gas exploration off or coasts, drive conservation and new technologies to improve energy efficiency, develop clean energy generation and infrastructure, rebuild america's independent transportation system and clean our air and water. and not only will we create a clean energy future but create good-paying jobs for years to come. the news tells us how they are but that's not how it has to be. join me in supporting the clean energy and conservation act. i yield back. the speaker pro tempore: the gentleman yields back the balance of his time. for what purpose does the gentleman rise? >> to address the house for one minute and to revis
bernanke is in, senator. >> yes, he is. >> that's all right with you, though. you're going to be okay, right? >> i'm going to be okay. i offer my congratulations. but i think it does accepted a message to be confirmed by the lowest margin in history, sends a message about the concern about the role he played and the build-up to the crisis. >> yeah, but senator, you were ready to take the other side, knowing he would get confirmed, and your constituents can still say, well, at least this senator took the populus side. took the. >> i took the position as the only democrat taking that position after a careful review of the things he stood for, alignment with greenspan, failure to resfond derivatives. the failure on consumer protection, the things you are talking about in terms of prepayment penalties and liar loans and so i think he failed on many fronts but he is there now and i hope he does a great job on monetary policy and gets consumer protection in an agency that will care about it. >> senator, thanks. you have to keep coming back. >> thank you. >> oregon, oregon. i know how to say
release the minutes of their meetings. mr. bernanke does testify regularly on capitol hill, explaining what he is doing. and why he is affecting monetary policy the way he is. some have suggested such as milton friedman once, that we could replace the federal reserve with a computer that would determine money supply and interest rates by a basic formula. perhaps that would be better than the usual way we have done in the past. i think the federal reserve policy, you know, can be subject to certain criticism. i'm not sure how it would work to eliminate the federal reserve, but i think there is legitimate disagreement on the way that they've had with the recession. and i think that disagreement is there. las. . 650 employees at the spa at the cost of $100,000 for three days for each employee. was a cost comparison done to justify such a cost? how was that chosen at the venue? what happened there? >> in that particular case there was a cost comparison and there were quotes from several vendors. one the challenges is finding a venue for that many people. it is the high cost. it is the annu
, some news today. federal reserve chairman ben bernanke told the senate banking committee today and his second day of testimony on capitol hill this week that interest rates will have to stay low for a lengthy period to counter a weak job market. the u.s. central bank chief prepared remarks were virtually identical to those delivered yesterday to the house financial services committee. and cheaper nike also told lawmakers that goldman sachs and other wall street firms may be looking into a sophisticated instrument investment instrument to make bets that greece will default on its debts. also about the healthcare summit which you can see live on c-span3 and c-span.org, a story from yahoo news saying that a consensus on how to rein in spiraling healthcare costs seem to be emerging as president obama some that the president agreed with assertions by oklahoma republican senator tom coburn that abuse them out account up to a third of the cost of a time of programs like medicare and medicaid. and is a major barrier to worldwide insurance coverage. senator coburn said that the cost is the chie
might not remember this because we probably didn't keep track of everything that paulson and bernanke and george bush did, but lehman falls on september 15. then what we have on september 23, the chairman of the federal reserve and the secretary of treasury come into congress and they testify that they need $700 billion. they have a 2 1/2-page bill. they don't know what they're going to do with the money. but if you don't give it to them, it's world is going to end. that makes you uncomfortable if you're deciding what to do with your investment. not only that, but the next day, the president of the united states comes on national television and says the following, speaking to the american people to get them calmed down a little bit. he said financial assets related to home mortgages have lost value during the housing decline and the banks holding these assets have restricted credit. as a result, our entire economy is in danger. so i propose that the federal government reduce the risk posed by these trouble assets and supply urgently needed money so banks and other financial institutio
professor and no stranger to the audience at c-span2, douglas bernanke -- douglas brinkley. thank you for joining us this morning. guest: good morning. thanks for having me. host: if president stay were a holiday celebrating just one president, it there or one president to honor, who would it be for you and why? guest: i think the original, george washington. remember presidents day began as washington's birthday in 1880 and subsequently evolved, 1971 was started getting this concept of presidents day morphing of washington and lincoln's birthday and then the idea of just celebrating the institute of the president and having school children learn each president and what they look like and memorize the names. but washington is, in my view, the person we need to be celebrating on presidents' day. he did something very extraordinary as our first president, he stepped down. he showed you could relinquish power. that we were not going to become a market. he could have stayed in for life terms because he was that popular but i think it was the beginning of the tradition -- of the presence i
on the financial side, we are talking about high unemployment. bernanke said we will have time with -- we will have trouble with credit card loans, people paying mortgages. they do not have their jobs. commercial real estate is a market he has emphasized over the past months. this will, of course, create different problems for some of the financial institutions and other business models. we will see some institutions do very well overall and some struggle with bad losses. i had an opportunity to listen to my friend pascal. as he said, so far we have dodged the bullet of a strong protectionist response. but we have to be alert that anytime you have continuing unemployment one has to be careful about protectionism. political leaders will feel the pressure to do something. that is always a tempting tool. another issue we are watching is the fact that a number of the stimulus programs ran their full force through the later part of last year and the middle part of 2010. there is a question of a hand off to a private sector recovery. i tried to watch this closely and to reach out to others. we saw some s
of making decisions on interest rates. mr. bernanke does testify regularly on capitol hill explaining what he is doing, and why he is affecting monetary policy the way he is. some, like milton friedman, have suggested that we could replace federal reserve with a computer that could determine these interest-rate formulas. perhaps that would be better. federal reserve policy can be subject to certain criticism. i do not hoknow how we would do this. there is disagreement on the way they have handled the recession, and that is fair. host: another tweet -- guest: $3 trillion of the deficit? over the next 10 years, if we expended all the tax cuts, for everyone, that would be about $3 trillion. the deficit is much bigger than that. the base line is $11 trillion. if you got rid of all the tax cuts, we would still have and $8 trillion deficit over the next 10 years. president obama is not talking about doing that. only for those making more than $250,000 a year. that is only 1/5 of the tax cuts. if you want to get rid of "tax cuts for the rich" it is over $16 billion from a deficit of $11 trillion.
bernanke was scheduled to testify before the services committee and not any more. the hearing was postponed and may still release a plan at the top of the hour. it is expected to outline the bank's central plan and unwind programs that waere designed to get out of the crisis we're experiencing. disney says its fourth quarter results reflect, they are putting off travel plans to the last minute. the company had to rely on discounts. >>> finally, robin, we did a little digging, snow digging. 41 years ago today, that was the last time the new york stock exchange was closed for snow. last full snow day that they've had. no worries, they're at it today. they're down there and the nyc is open. it's kind of weird. 41 years ago today. >> they officially closed them, but not today. >> not today. >>> bracing for a blizzard is even tougher when you're already recovering from record-setting snow storm. how the nasty weather is affecting thousands of flights and a morning commute. this is from washington, d.c., i can tell. mostly from the call letters. >>> plus, one of tiger's alleged mistresses says he
benjumped 91 points, the bernanke cold congress that though the stimulus package created jobs the unemployment rate is near 10% and job openings scarce. a particular concern because of its long-term implications for workers skills and wages is the increasing insissence of long-term unemployment. >> reporter: interest rates will stay at record low levels for the next several months because recovery from recession is expected to remain slow. the senate has passed a $15 billion job creation bill that would give tax breaks to companies that hire the unemployment and will fund infrastructure projects. 70 senators including 13 republicans voted for the bill which moves to the house. the general motors is pulling the plug on its hummer brand. the automaker was unable to complete the sale to a chinese company. it now plans to wind down operations but will still honor warranties, and provide service and spare parts to hummer owners. i'm matt cherry. >>> coming up republicans want to start from scratch on healthcare. how president obama and democrats hope to still pass the bill despite
that the time including president bush and secretary paulson and chairman bernanke, our judgment was those pressures esau actor lehman postal woodfin judgmatically amplified it's aig failed than they would spread to parts of the system that would otherwise been unaffected including basic confidence in the insurance system. >> let me get to the point. why is it the derivatives business, lending at the insurance companies, the commercial paper, the aircraft leasing business or something else? >> it is in some ways, again it is hard to separate. what is systemic risk, a difficult thing to judge. >> we are all finding that out of here. >> but that is the reality of it. but again i think the simplest way to they this is look at what happened after lehman brothers and the broader collapse of many of our large institutions. the value of the american savings fell by 40%. you saw hundreds of thousands of businesses forced to close, millions of people lost work. basic confidence in the stability of our system was broken. the rivets for coming of the submarine and in that environment to have the larg
today. >>> meantime, making headlines in the business world, fed chief ben bernanke back on capitol hill telling the senate committee that the central bank is looking into whether u.s. you banks worsened greece's debt crisis. some u.s. banks are said to use complicated currency swap to help greece understate the debt problems betting thalt country would default on its debt. coming up tomorrow, friday on wall street, we'll get key reports, consumer sentiment, existing home sales, also a revised reading on fourth quarter gdp, the final day of the trading week. >>> a lot of questions today about why a killer whale at seaworld turned on its trainer. next jane velez-mitchell host of "issues" will give her take on this tragic incident. don't go anywhere. >>> 40-year-old dawn brancheau was one of the most experienced trainers at orlando seaworld. her death is a shock to her co-workers and park visitors who saw this happen yesterday. a killer whale named tilikum dragged her under water at the end of a performance in the shamu stadium. audience members said, at first it just seemed like it was pa
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